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PLN: Zloty Struggles For Gains Despite Broader USD Weakness

PLN
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EUR/PLN trades +86 pips at 4.2888 and bulls look for a clearance of Aug 28 high of 4.3039, which would indicate potential for a further upward move. Bears seek a pullback towards Aug 16 low of 4.2614 and the 4.25 support zone.

  • USD/PLN has inched lower as the greenback is among the worst performers among major currencies. The rate deals at 3.8833, 11 pips lower on the session, with bears setting their sights on Sep 6 low of 3.8324 and Aug 26 low of 3.8082. For now, however, price action remains confined to an ascending channel drawn off the Aug 26 low.
  • POLGB yields have ticked lower across the curve (by 2.2-4.0bp at typing), with the Finance Ministry set to offer PLN6bn-8bn worth of government bonds at today's auction. 10-year POLGB/Bund spread stays above 300bp since mid-August, last seen at 313bp.
  • The WIG20 Index remains under pressure, sinking through the 2,300 level this morning as the index operates 1.2% below neutral levels. The WIG20 has now retraced around two-thirds of its Aug - Sep upleg with bears targeting Aug 8 low of 2,193.
  • NBP Governor Adam Glapinski defended the central bank's record during a launch of his report titled "The National Bank of Poland during economic megashocks after the pandemic and during the energy crisis - a success story." The official pushed back against the arguments of his critics and said that the debate on the adoption of the euro will make sense in 10 years' time at the earliest.
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EUR/PLN trades +86 pips at 4.2888 and bulls look for a clearance of Aug 28 high of 4.3039, which would indicate potential for a further upward move. Bears seek a pullback towards Aug 16 low of 4.2614 and the 4.25 support zone.

  • USD/PLN has inched lower as the greenback is among the worst performers among major currencies. The rate deals at 3.8833, 11 pips lower on the session, with bears setting their sights on Sep 6 low of 3.8324 and Aug 26 low of 3.8082. For now, however, price action remains confined to an ascending channel drawn off the Aug 26 low.
  • POLGB yields have ticked lower across the curve (by 2.2-4.0bp at typing), with the Finance Ministry set to offer PLN6bn-8bn worth of government bonds at today's auction. 10-year POLGB/Bund spread stays above 300bp since mid-August, last seen at 313bp.
  • The WIG20 Index remains under pressure, sinking through the 2,300 level this morning as the index operates 1.2% below neutral levels. The WIG20 has now retraced around two-thirds of its Aug - Sep upleg with bears targeting Aug 8 low of 2,193.
  • NBP Governor Adam Glapinski defended the central bank's record during a launch of his report titled "The National Bank of Poland during economic megashocks after the pandemic and during the energy crisis - a success story." The official pushed back against the arguments of his critics and said that the debate on the adoption of the euro will make sense in 10 years' time at the earliest.